Anjuum Khanna - Stitching innovation and customer experience
Customer behaviour patterns continues to change, customer loyalty and lifetime value continues to dip. You might wonder why, but the answer is simple, customers have plethora of options before them and they desire the best experience. In these times and scenario, it is imperative to ensure business innovates for it to demand loyalty from a customer.
What are the key thrusts to innovation?
Voice of the Customer–Organizations designs products as per their need & the product does’nt take off. Listening to the customer or understanding “Voice of the customer” & designing the appropriate products &services is vitally important, otherwise you will design the products which no one needs.
Segmentation - The second key to innovation is slicing and dicing of customer data to gain a better understanding of your customer and their journey. You have to know which customer base to sell what product to and demographics where that product sells. For instance, while working for a top DTH service provider, we decided to launch a line of products. We collaborated with Nielsen and after extensive market surveys & we found out the kind of content customers wanted to consume.
Where does innovation come from? What is one most important factor one should look at?
As I said earlier, it comes from capturing “voice of customer” i.e. Outside-In approach. Human-cantered Design (HCD) allows products & services to be designed in collaboration with the customer to resonate more deeply with the audience. HCD tools ensure that the customer remains part of the entire product lifecycle or decision making life cycle.
Once the customer angle is brought in, that is when differentiation is possible. Be it airlines, automotive or consumer durables, when we say innovation, it means a customer demand for a product that needs to be seen to.
Look at the evolution of BFSI products. Previously, it would take a week or even two for a loan to be disbursed. Someone thought about it and realized it was a very primitive way of working. Enter Fintech. Today, all a customer need do is log in to a Fintech, upload their documents & receive the money in minutes. That is how innovation has changed the life of a regular banking process.
How can we prioritize Prioritise Innovation?
Understand the design thinking process to solving problems, where the entire leadership of an organization sits and understands the nuances of the customer. You need to be proactive. When coming up with a product, you need to see which pain points are an impediment to the Net Promotor Score or Customer Effort Score.
When you put your heads together, innovative ideas come out to address any deterrent to a smooth customer experience. Xiaomi is a great example of a positive customer experience. Despite their minimal marketing expenses, they are able to innovate and collaborate with the customers in their product range. Conversely, Meru Cabs, a previous incumbent taxi service, lost their first-mover advantage and market share when they failed to innovate as Ola and Uber stepped in.
The Big Winner
Whichever way innovation leads us, it will be the customer who ends up on top because, ultimately, everything we do is for the ease of the end user. Innovation will continue to remove biases from our minds and provides greater earning opportunities but the opportunities might not all be what you expect. When banks innovate, they might not want to hire more accountants. Instead, they might hire an algorithmic trader or creative genius. The future is bright and the possibilities are endless as innovation continues to ensure our lives become more comfortable than they are right now.
Anjuum Khanna, writer, blogger, a travel enthusiast, works with a Fintech company in Mumbai. Anjuum has 20 years of experience in managing Front-end as well as backend Operations, Customer Experience within Fintech, Media & Entertainment & Outsourcing space in India as well as EMEA region. He is passionate about augmenting Customer Experience and considers himself as a change catalyst in this domain. Anjuum Khanna is married and currently resides in Mumbai.
Know more: http://anjuumkhanna.in
Disclaimer: This is a company press release. No HT journalist is involved in creation of this content.
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